The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Friday, tracking a rally in global markets.
The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 24,529 level, a premium of nearly 156 points from the Nifty futures’ previous close.
On Thursday, the domestic market indices ended lower on profit booking, snapping their seven-day winning streak, on the monthly expiry day of the April derivatives contracts.
The Sensex declined 315.06 points, or 0.39%, to close at 79,801.43, while the Nifty 50 settled 82.25 points, or 0.34%, lower at 24,246.70.
Here’s what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex Prediction
Sensex ended lower by 315 points at 79,801, forming an inside body candle formation on the daily charts, indicating indecisiveness between the bulls and bears.
“We believe that the short-term market texture is bullish, but a fresh uptrend rally is only possible after the dismissal of the 80,100 resistance zone. Above this level, Sensex could move up to 80,400 – 80,500. On the other hand, if the index falls below 79,600, we could see a quick intraday correction down to 79,300. Further downside may also continue, which could drag Sensex down to 79,000,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
The current market texture is non-directional. Hence, level-based trading would be the ideal strategy for day traders, he added.
Nifty OI Data
Substantial open interest at the 24,500 strike (25.22 lakh contracts) marks it as a short-term ceiling, while strong put writing at the 24,000 strike (29.90 lakh contracts) underpins solid support just beneath the current market level. This puts the 24,400–24,500 zone under the spotlight as a crucial resistance band. Interestingly, simultaneous addition of both calls and puts hints at a neutral-to-rangebound outlook in the short run, said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.
Meanwhile, the Put-Call Ratio has eased to 0.93 from 1.04, highlighting a mild shift in sentiment. The Max Pain remains centred at 24,100, implying that traders are bracing for sideways action just under current levels, with overhead resistance weighing on sentiment.
Nifty 50 Prediction
Nifty 50 slipped into weakness amidst range bound action on April 24 and closed the day lower by 82 points.
“A small negative candle was formed on the daily chart with minor upper shadow. Technically, this market action signals consolidation movement in the market in the last few sessions after a significant upmove from the lows. This is a positive indication for the market and indicates lack of sharp selling enthusiasm after a hefty upmove,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the uptrend status of the market remains intact and the present consolidation or minor dip could be reversed on the upside soon and Nifty 50 could head towards the next upside of 24,550 and higher in the near term. Any dips down to 24,100 – 24,000 could be a buying opportunity.
Om Mehra, Technical Research Analyst, SAMCO Securities highlighted that the Nifty 50 formed a Doji candle on the daily chart, reflecting indecision.
“Nifty 50 is holding steady around the 24,240 level, which has acted as intermediate support over the past two sessions. The primary trend remains positive, with the index trading near the upper band of the Donchian Channel, indicating underlying strength. India VIX remains subdued, hovering above the 16 mark. A surge above 18 could trigger higher volatility, while a drop below 15 would likely strengthen bullish sentiment. The trend currently appears mixed,” said Mehra.
He believes the outlook remains optimistic as long as Nifty 50 holds above 24,070 on a closing basis, and a decisive move above 24,360 could open the door for further upside, whereas failure to sustain may result in a consolidation phase.
VLA Ambala, Co-Founder of Stock Market Today, said that the Nifty 50 traded sideways during Wednesday’s session after forming a straight line at its top.
“Nifty can gain support near 24,030 and 23,950 and face resistance between 24,350 and 23,440 in the next market session,” Ambala said.
Bank Nifty Prediction
Bank Nifty index slipped 0.30% to end at 55,201.40 on Wednesday, and formed a Gravestone Doji on the daily chart, a potential sign of reversal or indecision at higher levels.
“On the hourly chart, the Bank Nifty index reflects a weakening trend with a predominance of red candles, signalling short-term bearish pressure. A breach below the 55,100 mark could open the path toward 54,500, a level that previously acted as resistance and may now function as support. The index must decisively surpass the 56,100 resistance level,” said Om Mehra.
The momentum indicators such as the daily RSI and MACD show cooling off signal, suggesting reduced bullish strength.
“However, the broader outlook remains constructive as long as the 54,400 to 54,500 zone holds on a closing basis. The consolidation seems likely in the sessions ahead,” Mehra added.
Bajaj Broking Research noted that the daily stochastic has approached overbought territory after a 11% rally in just 7 sessions.
“Hence, failure to move above 56,000 levels will lead to some consolidation in the range of 54,400 – 56,000 in the coming sessions. While a move above 56,000 levels will lead to extension of up move towards the 56,800 zone in the coming weeks. The key support base is placed at 54,000 – 53,500 levels, being the Monday’s gap area and the recent major breakout area,” said Bajaj Broking Research.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.